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Luxury Car Market Trends

Report ID: GMI5707
Published Date: May 2023
Report Format: PDF

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Luxury Car Industry Trends

Consumer preferences are shifting toward luxury car brands owing to a significant increase in tangible luxury offerings in automobiles and rising disposable incomes. This is one of the main factors driving luxury car market development. Governments and environmental organizations in many countries are tightening emission standards in response to growing environmental concerns. As a result, there is an increase in the global demand for environmental-friendly and sustainable transportation such as electric luxury vehicles.

The market is also fueled by the increasing adoption of used luxury vehicles due to easier access to financing, lower entry costs, and annual maintenance agreements. Also, leading manufacturers are incorporating the newest smart mobility technologies including retina recognition, autonomous driving, and personal voice assistance, thereby boosting business growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of luxury car was valued at USD 14.3 billion in 2022 and is estimated to record 10% CAGR from 2023 to 2032 due to the rising number of ultra-high-net-worth individuals worldwide.

Hybrid/electric luxury car industry size exceeded USD 2 billion in 2022 and will witness expansion from 2023-2032 owing to the increasing environmental concerns and higher influx of stringent environmental regulations.

Asia Pacific dominated 65% of the luxury car industry share in 2022 driven by the strong presence of numerous large-scale businesses in the region.

Demand for USD 60K - 90K luxury cars is estimated to observe 10% growth during 2023-2032 due to the higher availability of convenient financing options.

Major manufacturers in luxury car industry are Daimler AG, Bayerische Motoren Werke AG, Volvo Car Corporation, Volkswagen AG, Tata Motors Limited, Toyota Motor Corporation, Tesla, Aston Martin, Mazda Motor Corporation, and Isuzu Motors Ltd.